Canada Sees Economic Recovery – Regains 55% Of Jobs Lost To Coronavirus
Canada is currently seeing some economic recovery as COVID-19 restrictions ease throughout the country.
About fifty-five (55) per cent of the three (3) million jobs lost since April were recouped as of July, according to the Labor Force Survey.
About 419,000 jobs were added in July, a three (3) per cent increase in the pass month. The growth was slower compared to June’s growth rate at six (6) per cent. Statistics Canada’s recent survey on employment, payroll, and hours discovers that the economic downturn from COVID-19 is seeing a sharp recovery after a steep downfall.
Most of the jobs regained were in part-time work. There were 345,000 part-time job positions filled in July, compared to 73,000 full-time jobs.
Many more women were hired than men in July, but, women are still not as close to pre-pandemic employment levels as men. Women, LGBTQ2S+, racialized people, and immigrants have been disproportionately affected by COVID-19.
Employment level for immigrants and visible minorities
Unemployment rates fell to 10.9 per cent, however, there are still about 2.2 million unemployed people in Canada. The unemployment levels for people ages fifteen (15) to sixty-nine (69) represents 11.3 per cent, a figure that was not adjusted to mirror the seasonal changes in employment.
Several visible minority groups had much higher rates of joblessness, such as South Asian representing 17.8 per cent, Arab is 17.3 per cent, and Black Canadians 16.8 per cent. Statistics Canada suggested the higher unemployment rates of visible minorities could be due to their higher concentration in hard-hit sectors such as food services and retail.
Very recent immigrants saw an improvement in employment. Immigrants who landed in Canada within the past five years represent a rise in employment of 2.1 per cent for the third consecutive month.
Statistics Canada attributed this trend to fewer numbers of newcomers coming to Canada in recent months. Canada welcomed 19,000 new permanent residents in June, which is down from the 34,000 newcomers who were welcomed at the same time last year. Similar data on new permanent residents welcomed in July will be available next month.
Pace of economic recovery varies
Employment increased in all provinces except for the province of New Brunswick, which was unchanged month over month but was at 96.6 per cent of its Feb. levels.
Though employment rates increased faster for low-wage employees, they were only at about eighty-six (86) per cent of February levels compared to other workers who were at ninety-eight (98) per cent in July.
Statistics Canada’s Labor Force Survey
Every month Statistics Canada holds an extensive survey to evaluate Canadian labor force data.
The latest Labor Force Survey stats reflected the conditions between July 12 to 18. Businesses and workplace across Canada were continuing to re-open. Though COVID-19 measures were being scaled back, physical distancing requirements and restrictions on large gatherings still remained in place.
In last month June, Canada extended travel restrictions on international travelers through July, as part of its efforts to contain the spread of coronavirus.
This labor force survey was unique in that it included information on the labor market conditions of visible minorities.
“Through the addition of a new survey questions and the introduction of new statistical method, the LFS is now able to fully determine the impact of the COVID-19 economic shutdown on various groups of Canadians,” Statistics Canada says in July’s survey.